ReNeuron Group plc

Director/PDMR Interest in Shares and Share Options

ReNeuron Group plc (the "Company") (AIM: RENE), a UK-based global leader in the development of cell-based therapeutics, announces that the following share option grants were made on 10 February 2021 under the Company's Long Term Incentive Plan (the "Plan"), its US Incentive Stock Option Plan (the "US Plan") and its Non-Executive Share Option Scheme to directors and Persons Discharging Managerial Responsibilities (PDMRs) listed below.

The Plan allows the Company to grant tax-advantaged share options under a Company Share Option Plan (the "CSOP Plan"), as well as non-tax advantaged options.  Where capacity exists for a director/PDMR to be issued share options under the CSOP Plan, these options are issued in parallel with non tax-advantaged options.  The figures per individual below, where applicable and except where indicated, therefore comprise parallel grants of both CSOP Plan share options and non tax-advantaged share options, the terms of each grant ensuring that the exercise of one type of option reduces the number exercisable under the other type of option on a share for share basis. Individuals can therefore elect, subject to their tax status, which specific option grant (CSOP or non tax-advantaged options) they exercise.

The Plan also allows the Company to grant Incentive Stock Options ("ISOs") under the US Plan, as well as a conditional right to receive shares ("Conditional Rights") to employees in the US. Where a US employee is issued ISOs under the US Plan, these options are issued in parallel with Conditional Rights. The figures per individual below, where applicable and except where indicated, therefore comprise parallel grants of both ISOs and Conditional Rights, the terms of each grant ensuring that the exercise of one type of option or right reduces the number that vest under the other type of option or right on a share for share basis. The Conditional Rights are granted at nominal value and the ISOs have an exercise price of 107.5 pence per share being the closing price of the Company's shares on 09 February 2021.

Share options granted under the CSOP Plan are over shares up to an aggregate market value of £30,000 (measured at the date of grant) and with an exercise price of 107.5 pence per share, being the closing mid-market price of the Company's shares on 09 February 2021.  Non tax-advantaged options are granted at nominal value.

Share options granted under the Plan and the US Plan (unless otherwise stated) are exercisable from the third anniversary of the award and are subject to the achievement of the following performance conditions:

1)    When the Company has signed at least one further significant business development deal for any of its technologies or programmes, one third of the options will vest.

2)    When the Company's share price has tripled from the price at the date of grant, one third of the options will vest.

3)    When the extended RP Phase 2a clinical study with hRPC has demonstrated efficacy sufficient for progression to a potentially pivotal study, one third of the options will vest.

The Non-Executive Directors of the Company are remunerated partly in cash and partly in the form of share options granted under the Non-Executive Share Option Scheme.  In order to remove as far as possible any incentive element that might influence the Non-Executive Directors' independence, share options are granted at nominal value without performance conditions attaching and vest over three years on a straight line basis.

Share option grants are deemed accepted by the option holder unless expressly rejected within a period of 30 days from the date of grant.

(i) The option grants are under the non-tax advantaged scheme and (where capacity exists) the CSOP Plan (as detailed above) save for (ii) below, which has been granted under the US Plan, and the Non-Executive Directors' grants.

(ii) The grant to Dr Beckman includes the grant of ISOs under the US Plan and Conditional Rights under The Plan. These options or rights are exercisable subject to achievement of performance conditions (1) to (3) above.  The ISOs and Conditional Rights vest from the second anniversary of grant onwards, the ISOs being subject to an annual $100,000 limit based on the aggregate fair value of shares subject to grant measured on the date of grant. 

The notifications set out below are provided in accordance with the requirements of the EU Market Abuse Regulation and provide further detail.

ENDS

About ReNeuron

ReNeuron is a global leader in cell-based therapeutics, harnessing its unique stem cell technologies to develop 'off the shelf' stem cell treatments, without the need for immunosuppressive drugs.  The Company's lead cell therapy candidate is in clinical development for the blindness-causing disease, retinitis pigmentosa. 

ReNeuron is also advancing its proprietary exosome technology platform as a potential delivery system for drugs that treat diseases of the brain.  The Company also has the ability through its conditionally immortalised induced pluripotent stem cell (iPSC) platform to make any tissue cells of choice; in-house programmes are focused on treatments for blood cancers and diabetes.

ReNeuron's shares are traded on the London AIM market under the symbol RENE.L.  For further information visit www.reneuron.com

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them

 (Disclosure in relation to share options granted to Directors and PDMRs)